Hey, this happened to me. Our Country Club was sold to a private buyer and I lost all of my 4,000 membership fee. It happens more than you might think.
My county club was sold to a private buyer who turned into a fitness/golf/swim center with daily fees, open to the public.
This happened during the massive overbuilding of golf courses. Fortunately, the proceeds of the sale went to the members and most recouped their investments. It goes with being a member.